MCX Aluminium Gains Impressively On Record Low Global Inventories

6 Jun 2022 , 12:21 PM

MCX Aluminium futures are edging up today, rising in tandem with the firm global cues. The LME Aluminium prices tanked in the middle of last week before witnessing a recovery on record low inventories. The LME aluminium inventories continued to decline from around 470000 tonnes at the start of May 2022 to around 453000 tonnes right now, hitting a new low of more than 21 years. Meanwhile, the Shanghai Futures Exchange or SHFE aluminium inventories also droppedl for four consecutive weeks. In the week of June 2, the weekly inventory tanked to 279,128 tonnes, marking a new low in the four months. MCX Aluminium futures gained on these cues even as Copper stayed slippery after hitting six week high. MCX Aluminium futures for June are trading at Rs 237.20 per kg, up 1.87% on the day.Powered by Commodity Insights